KenGen investors on Tuesday raised concerns about debt owed to the electricity generator by Kenya Power as the utility service provider continues to battle financial headwinds.
The shareholders spent most of the question time during the company’s Annual General Meeting seeking assurance from the board that the debt, which is booked as Sh21.8 billion [212.8 million USD] as at the end of the financial year, will be cleared.
Kenya Power paid off KenGen a total of Sh18 billion [175.7 million USD] after closure of its annual financial report leaving a balance of about Sh3.3 billion [32.2 million USD], but new billings have since raised this amount to Sh15.5 billion [151.3 million USD] as at Tuesday. It took the intervention of Energy Principal Secretary Joseph Njoroge and KenGen chairman to calm jitters of the multiple inquiries on the debt.